investment-specific productivity. We document that in U.S. postwar quarterly data total factor productivity (TFP) and the … cointegrated if and only if neutral and investment-specific productivity share a common stochastic trend. We econometrically … relative price of investment are cointegrated. We show theoretically that TFP and the relative price of investment are …

-open-economy real-business-cycle model driven by nonstationary productivity shocks. We find that the RBC model does a poor job at … business cycles in emerging markets and, importantly, assigns a negligible role to nonstationary productivity shocks …

positive technology shock, and (c) measured productivity increases temporarily in response to a positive demand shock. More …Using data for the G7 countries, I estimate conditional correlations of employment and productivity, based on a …) technology shocks appear to induce a negative comovement between productivity and employment, counterbalanced by a positive …

We dissect the comovement patterns of the macroeconomic data, identify a single shock that accounts for the bulk of the … TFP, to news about future productivity or the long run, and to demand shocks of the New Keynesian type. Instead, it …

preference or more generally a demand shock. More recently two other explanations have been advocated: surprise changes in … investment specific technology and news about future technology growth. The aim of this paper is to provide a quantitative …

, investment, average productivity and output up. This evidence contrasts sharply with the results reported in a large and growing …We provide empirical evidence that a positive shock to technology drives per capita hours worked, consumption … literature that argues, on the basis of aggregate data, that per capita hours worked fall after a positive technology shock. We …

This paper analyzes the quality of VAR-based procedures for estimating the response of the economy to a shock. We focus … question that has attracted a great deal of attention in the literature: How do hours worked respond to an identified shock? In … all of our examples, as long as the variance in hours worked due to a given shock is above the remarkably low number of 1 …

The evidence for a productivity-based explanation for real exchange rate behavior of East Asian currencies is examined … relative productivity ratios, one finds a relationship for Japan, Malaysia, and the Philippines. Only when augmenting the … productivity variables, as well as other demand side factors, are less encouraging, except for a small subset of countries …

technology shock measures. We argue that the properties of technology shocks for the manufacturing sector are quite different …